K-Swiss is best known for its white leather tennis shoe. The sneaker has fallen out of fashion, particularly with teens, who prefer something more colorful and hip.

The good news is CEO Steven Nichols has gotten the message and is making big changes--installing a new management team, honing the marketing strategy, and developing new products.
He's also hired tennis star Anna Kournikova--one of the most-searched names on the Internet--as pitchwoman. The stock sells for just 14 times trailing reported earnings.